Eldorado Gold (EGO) 29 Apr 222022 Q1 Earnings call transcript

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold First Quarter 2022 Financial and Operational Results Conference Call.

As a reminder all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. now Vice turn President, would to conference I Wilkinson, Lisa Investor Instructions] like the to over [Operator Relations. Please go ahead, Ms. Wilkinson.

and our conference Thank welcome operator good I’d everyone. you, like you to QX call. results XXXX morning, to

Before Annual refer we statements be that remind risk will well cautionary the set I Information statements we in call. the making factors Please as presentation would as begin, the to you like during Form. to forward-looking our included out in the

George have and we President call, and Q&A the members on today senior team Yee, and President me Executive of Chief Vice Joe President leadership the Phil session. Other will Chief Burns, Officer; Operating Vice Joining and Officer; Officer. also Chief the for Dick, be Executive Executive Financial available

details both financial statements Our available which unless should figures dollars our our results. This conjunction quarter All U.S. EDGAR. Analysis, read financial on discussed first otherwise on website. quarter also XXXX dollar today and operating of first be are Discussion stated. been and in filed with They’ve SEDAR are and our Management’s release and yesterday

We slides speaking to this accompany be that will webcast. the

of download After prepared call our George. I questions. we the over from You a turn call the will the this these to for to will website. open time, At for queue can remarks, Q&A. we copy analysts slides invite will now

and everyone. Thanks, morning, good Lisa,

call results of review to go the the analysts. highlights I’ll through Here’s overview to Then, and a passing QX financials, Joe our performance. from our we’ll and call. it outline for Phil the today’s before questions brief operational to open to provide

of severe response and memory. emergency capabilities safety been Over one the has systems, years, past of our the in most two tests COVID-XX

XXXX, and environments. was the variant As business globe, the spreading rapidly causing we operating concerns in COVID-XX across of entered Omicron

We communities of and their and virus to to spread local families prioritize adapting safe. our the the continued keep monitoring controls prevent our and people, have

I results. we safe am year start resilience financial continually quarter, of teams, of the challenges energized delivering the the several our that enter faced global remain third the over pandemic, who our gold. operating of the We In first inspired XX,XXX the impacted results. on ounces produced operating and we As year of at by focused and

were During February, to cases. recovery challenges, Turkey than and by these a Turkey, higher January and by were we’re all a seeing the in operations weather absenteeism, outage and government impacted operations. power also of Despite related mandated anticipated impacted We our COVID-XX severe surge in Greece. at both,

lower February, call. XXX,XXX the to production of on ounces. expect last mentioned we production, production XXXX half Joe will we the detail XXX,XXX conference to to our maintain later first half in operations in and range call As guidance be than we our more speak in second

to quarters, we Russian-Ukraine in similar the pressures noted cost As to previous wider we face Principle electricity, crisis. in market, been and continue reagents. the which fuel has are inflationary by intensified increases

equipment safely We chains sites operate. supplies continue to our and monitor supply ensure have necessary the to our to

disruptions have availability of We related any experienced to significant not supplies.

concentrate our as required. redirecting shipments monitor continue We including to also shipments

operating our the incorporating bargaining in We our labor, have has two-year were completed region in we we us Abitibi technology by inflation labor to have agreements, to our and labor doré strengthen agreements efficiency both, dominated primarily local results. and delivering instrumental productivity In Turkey, agenda. in Quebec, impacted Greece, These the unions in labor concentrate to collective Turkish at currency, sector and which however, with increases the of any or availability the the labor. year, In respect allowing mostly lira. of contractors agreements safe of continued into helps Greece. mining quarter, of and not shipments. disruptions are forward in labor we by focus our with our Turkey continued move This us activity with weakening In see relationship flexibility offset partners the with first increased on to refining cost experienced fulfillment

progressed steel the erection finishing of Skouries equipment. During site we closing with commencement activity preservation the building, basic focused at mill facilities continued quarter, on of engineering, and of and

Our discussions Skouries continue financing advance. to

We resilience debt well as recovery all project EU fund available venture equity and and EU through Greek are evaluating metal options the and lenders, partners, joint including as streams. financing and

by will package continue optimization, future. focus selecting for in Our driven derisking and value to a financing be the

expect Following half of approval, we second full Board the in Skouries financing restart and XXXX. to at construction

sustainability Gold Mining a level the to In ahead principles impressive independent XXXX our been Finally, report, assurance providing quarter. March, the highlight have year we of I requirements published would an two the Principles demonstrated against reporting milestone conformance achieved for the deadline. Responsible of like with second that

in operating continue four across towards this a We forthcoming work conformance year Phil to to the XXXX. three to things turn there stop results. full our summarize I’ll mines RGMPs and achievement report, over review for financial of our which will with produce

Thank you, XXXX X a George. results. our summary QX of Slide Good morning, provides financial everyone.

in the in we the by a of share. asset operating $XXX impairment noncash write challenges royalty Romania capital timing was net quarter cost adjusted due $XX first higher loss resulted operational per produced nonrecurring QX payments were per was the the in sold. sustaining lower expect million challenges quarter QX all-in a costs QX, Turkey were in $XXX net million the and Eldorado Greece. or production sold, $XXX $X.XX million In costs of to among negative Kisladag, a or gold to per to the lower cash of impacted operational attributable things, noncash operating ounces other ounce And flow and $XX result timing of ounce and costs in our sold. and loss loss all-in QX be $X,XXX cash that down equipment lost at $X.XX cash of and the decommissioned XXXX adjusting onetime As noncore per our share. was QX million this cash Certej, of including After for shareholders items, Free of sustaining and spend. quarter, annual million. $XX.X reported flow

We are diesel, the and electricity, XXXX quarter, direct basis, significant in processing and for light due prices direct seeing and capital, required $XX Yet, to which the operating were these lower leach closely pad XXXX costs, to at XXXX. quarter. rebuilds lira, and Kisladag. mining, pad fuel, was are upgrades U.S. million despite sustaining In to waste electricity provide higher operations, were costs, reagents higher previous and for in related in expected to part operating impact slightly update the Kisladag on total to underground $XX compared on reagents. dollar QX QX the related expenditures related primarily next capital will placed a quarter million QX in in of an weakening increases and was million in for we tons in stripping Turkish at costs compared monitoring QX, and other $XX the including on equipment Capital consumables full and year development, replacements growth processing construction North including of of prices

expenditures our inflationary and sustaining We volatility. capital and pressures growth are actively reviewing given

unrestricted XX% our Turkey. investment sound in capital heap QX license $XX XX%, to in million to comprised was deferred required the In term focusing primarily announced in offset by the withholding offset dividend from impact rate current duties XXXX discipline and The credits of to of from $XXX the of cash, $X of We and impact recovery to tax tax At tax, deferred production, Certej reduction project, in are operations in received quarter-end, impairment million The capital rate million integrity XX% expense in $X.X the asset tax Quebec currencies. deferred in improvements, and related of reduction recovery. related tax tax we maintain further QX, tax the Turkey million mining million corporate of cash leach equivalents $X corporate tax tax practicing and to corporate million. $XX related was tax the to tax local on expense, $XX by QX, million deposits the Kisladag XX%. expense weakening current to and on partially non-discretionary operate. Income partially by a had XXXX

compared Our XXXX. reflects it over credit the at will go This times now March last is Company Joe net the as that, two years. X.XX turn for leverage over times XXst, improved profile ratio to end QX at of of highlights. much I a operational the X.XX to the to With through

morning, we improved good everyone. the highlight recordable start and injury total Phil X.X year-over-year and frequency our Thanks, X.X. from from quarter, health rate an operations. important our safety to first I’ll In with

culture. years for congratulate leadership, sustainable indicators leading on assessment, without the I a focus building Our team such Also, engagements is X.X and achieving safety lost-time would a like injury. to risk Lamaque as

first and in $XXX the in severe weather the in was was Kisladag’s cash a be gold of in ounces which operations looks sold. pad, quarter the the XX,XXX freezing heap led to anticipate quarter impact of sold. planned, rolls during operating QX. stacked circuit. placed at high-pressure the temperatures per the production production Gold XX,XXX produced we at is quarter, production on to COVID-related results, X operating Turkey, second in the per severe our $XXX guidance. QX as cash operating weather absenteeism, and on tons to leach mandated weighted than during the more production of ounce to negatively result commissioning related in of in Moving with ounce full costs year detail. the ton maintain lower Starting also and lower and ounces, to Slide of reduction leach was a first production our of production government half The were power expected pad, year Kisladag Lower outage. grinding to We QX, gold costs

obtain throughput with optimal kinetics balance agglomeration leach to continue We to performance. and

during Bati Efemcukuru has exploration high for and is was quarter, were The systems. at principal resource grade to expansion impacted the vein footwall operating sold. expectations, high-performing has expected. are of to quarter drilling. line at and Kokarpinar results. first vein continues Gold Efemcukuru indicated and focused expansion and potential by gold throughput $XXX of splay per ounces solid the minimally COVID production, ounce the further with with drilling South far, rates step-out be grade we costs meeting at is expectations. recovery performance So gold Resource Efemcukuru HPGR our Kokarpinar XX,XXX and absenteeism seeing in At production through average operations the a as Current circuit on asset at were Efemcukuru, the cash

$XXX in line and planned production lower and Lamaque gold March, multiple planned both cash was which Moving we of step-out from guidance. early grades. of gold to included quarter led be drilling were to in Canadian a Full gold mineralized new quarter the to due extensions at At operating costs and COVID production March. directions. the XX,XXX Lamaque, expected in delayed with In to now stopes, grade extended the meters first surface ounces deposit at results progressed our in depth. high-grade achieved were which than identified and and development to operations, per workforce ounce and sold. year Lamaque Ormaque is at gold remains open the Mine released about XXX depth underground development reduced zones, has The exploration Ormaque late that deposit to laterally been known tonnage

are Triangle-Sigma the we quarter. completed, resource expected to drift which focused on and With Ormaque at an commence conversion exploration this is drilling decline

quarter was the operating absenteeism, as mine treatment $X,XXX improve COVID achieved sold. part operations Finally, planned mining in related quarter production At planned tonnage processing Olympias but second to by first ounces the and expected region, let’s ounce impacted in implemented. the and to severe production are move capacity. outages and Plant gold plan cash and the early quarter, to water to upgrades March. at approval power surface per X,XXX stockpile of resumed in gold weather is water grade of to was will the mine to plant continue Olympias, improvements by In treatment extended were costs an from or efficiency plant be allow tie-ins impacted Greece. throughput Recent the

I’ll zone, both which XXXX. south remarks. and new extension drilling at of Flat expect the to western half it at there Further of for XXXX. turn stop remains production to identified second and drilling Underground step-out be to lens, is a back the open resource the result, a the representing for the mineralized planned Olympias we expansion of closing to west. George the weighted Olympias As second half

it operations time. over team. for in in faced for your to Thank the our seeing and turn quarter. are now We delivering first our maximize safe strategy improvements our we quarter, from Thanks, operating executing the will I Despite second we results the our focused you on value at challenges analysts. questions already for the to shareholders. remain operator

ahead. The Cosmos Instructions] Please with CIBC. go [Operator comes Chiu from question first

George, Maybe first as in Thanks, question tough volatility an monitoring cost you was we’ll I it, call certainly costs. QX. a your But it? is that for prices, no presentation. of the mentioned, guess It Is on they that, closely I you’re Bill, should get QX. sustaining the Hi. appreciate it all-in Joe, guidance. my and like, Is that that it? longer now rely guidance of on look we an $X,XXX like, let’s ounce -- how $X,XXX kind at should Is guidance? previous update to

at dominantly When QX, you impacted look production us.

from an pressures our QX inflationary an going it saw give relative the QX cost in now, will on more we so, you are indication we’re that uptick our in at year. right have The color And have impact looking Phil around to the costs. our you results to is some any the don’t expectations. way

more Now, doubt diesel Europe, up. in our we’re no there’s electricity costs there’s no paying are for doubt

an an miner, for But mining, in to-date. year’s volume QX our diesel So, although not has so when consumption. processing, our to you reagent G&A, it’s on rate on last at overall, Kisladag higher we’re costs we’re or look relative a seeing dominantly underground some costs. seeing run that QX we really spend are the And impact

about and So, how that’s costs indication issues why production, as from we monitor a and to in measures you we’ll to well yet higher QX this. impacted. all continue about are we’re give release that further to talks diesel combating reagents costs no overall the our was we’ll are update our power, the QX And lower being with other And related taking.

So, further fact the color in far, of are bottom the coming of because pressures some commodities. here. update on you didn’t business we can parts the there Phil, line to the say there. the we that we from so guidance, our some don’t it’s have can’t yet But Maybe indicators some cost and hide add

has From did that, summed have we other prices So, doubt number I in perspective, George specifically there’s Greece, cost pretty a there’s think, are in increase in in and also factors had well, a example, diesel no Turkey. we well. But it moving of, there’s that increases up for electricity, as costs Turkey, for placed processing, in QX, to you lira weaken, that And if total QX, example, cost in at other higher costs. pad than Even specifically for in and look was operating our offset. continues and on the has mining the tons direct Kisladag QX. example, or related our though

in QX in costs those and were to compared Our costs XXXX, mining, processing lower. related actually QX

we there So, increases. price that recognize are

continue to We’re look well as we it, efficient the as trying trend. And terms get we and those just well. in offset more get of we’re increases as be And a monitoring to opportunities to say. information costs more for --

your then, what Of factor that with so remind -- into cost that you’re the XXXX Could Phil and And this you cost up inflation of you Is course. is assumption seeing to George. or consistent part us far? wrap kind question year-over-year of what did here, guidance?

that answer Cosmos. can I Maybe

of So, example, at inflation of XXXX it’s that between impact inflation And factored been in biggest -- offset think XX% by the XXXX the of going into our impact -- of in. the of inflation impact and The was for lira. XXXX the for in plan expected our was all same primarily XX%. published time, end at Turkey. But, those has I the that rates we we’ve weakening

be case combined, costs all when QX, U.S. the to flat continues are So, our that throughout for XXXX. our way haven’t pretty the U.S. XXXX, operating dollar in dollar we both convert for it and to operating -- QX seen you QX costs Turkey to operations through

gears Maybe bit. Got Phil. it. a Thanks, little switching

noticed did Looking that at about less quarter. bit Kisladag, XX,XXX I a you in the little than ounces

to You’ve reiterated XXX,XXX for ounces XXX,XXX the year.

X.XX in grade impacted better then, seeing a to some Just rest the get I Maybe your want cold in for points, on to decreased how mentioned, going operations is, you point Turkey guess, the as that improve other now? two to temperatures of ton systems. of the QX. you you’re improve of conveyor Are understanding per year? And the gram on

coming HPGR expected. And like but it’s so, up now ramping up, -- the sounds as

how you What maybe comment to the and rest on on first could grade you the So, improve? So, are comment year? that’s also targeting for recovery? recovery. on of And going

Maybe with Joe. or is start I’ll that this Cosmos, production of kind trend numbers the of the we’re kind seeing.

you’re right. So,

using pre-HPGR us -- leach of we number the tons. have rates kept in we As to a which kind well in solution going that stacking improvement QX, as planned indications good or were that right than One, agglomeration resulted couple that cold the higher temperatures which speaks the And we’re to and of of we But agglomeration has did direction. leach in that in see application potential that’s things. the with done. we Delta have seeing headed agglomeration kinetics, from

grades As plan April, the well, far And we continuing. that beginning we XX% at better stacked looked and placed trend QX on present. about budget have grade. meeting to of And as at of ounces have slightly the pad quarter. we’re in in ahead budget month we tons at see mine And this through so than we pad are the

and all Kisladag, look things optimistic. pretty we’re So, those good,

than recovery, any we’re don’t in at XX% we’re that. indication targeting And we and look we anything optimistic. total, As see fact, less of

with The Jakusconek question Please go next Tanya ahead. Scotiabank. comes from

on you quarterly I just wanted taking just a Thank the everyone. have do questions. I And morning, my start to Good Great. performance. with for few.

for both, a and coming get of Kisladag second trying performance Just handle, Olympias half. to stronger out you’ve the got

second this have I’m huge just have understand we XX-XX, QX? how think or how going bump then, be we should to it up to about QX? is that about trying think that? Is XX-XX, we quarter-over-quarter? So, the whether in do we And half, should improvement to similar

Olympias, but Tanya, the bit lower half. plant in we are to favorable efficiency in water it’d see kinetics. this QX as performance challenged And seeing is indicators up to QX, or at We and Kisladag, treatment second in be It’ll the the in the a though at even earlier QX, but tons about and spoke Joe. -- placed stronger still we set a took QX opportunity half, weighted leach mentions recovery the in come bit the still quantity. we up and for ourselves second on

we that the us in adjustments fact with So, we’re water make given different of increase capacity to to tie-ins lower to tons how facilities we were we some do the treatment knew decided thickeners. allow QX, using and our some

the has we we So, able mill stockpile run have a up also can where run second plan the more tons as than off adjustments we be continues to to into before mining quarters water the progressed over the the QX, half. bit continue a the now make have set in stockpile reasonably well to capacity the and four in a past higher QX arrangement end treatment to in few and year. of those And

grade. So, more on start of bit At were be development of a those the slow comfortable a CX cost little we year transitioning a And slow bit a will from of we’re start in that weighted. us second development. both a in to they requires Lamaque, in got we more transfers development. reasonably half longitudinal, as little haul methods long bit to And

well QX see for the the Lamaque and coming now balance However, reasonably development we rates back continuing ahead year. of in and are budget the running of

on more a Kisladag. little with clarity I jump Maybe in

because a look to pad, leach it’s you numbers. two of kind sets of heap So, have at

due a recoverable pad to the And on Joe comments, the a conveyor the agglomeration ounces we so, And seeing, second his see a QX in up of belt. had weather. we strong even we on And on ramping and half. earlier stronger were tough placed as we’re expect ore the to QX described

produced, comfortable pouring out it’s up to ounces delay we’re we’re on a the on recoverable the due then half ounces over But ramping pond. up ounces the placing ounces ounces So the coming guidance. between just with when and to stronger delay placed will significantly the gold, the going our Then QX between be pad placing look there’s and QX. ramp at you the a second and because

will up the but weighted So, ounces placements on be trend half and poured. on both, production, the to second

QX to the QX QX better QX be understand, best, the so Yes. QX company I’m than same? just for than then better and overall like, QX then QX or and the trying it’s and will are

with QX better. slightly similar QX will and be maybe QX

mainly And Kisladag? by that’s driven

Correct.

our like Stratoni guidance Okay. be? then and specifically some if It on cost of going That’s just, Phil, QX, care what you were maintenance $X miss. on was helpful. in And you. and care I we maintenance Thank ask, million or give that Can these something kind could biggest really us our quarter? was to the in are and low costs to

Yes. It’s George.

are run $X.X and So, care rate our on believe. million, overall maintenance costs annualized an million, I around $X

and the the quarter, had of transition transitioning impact terms of of a heavy the we’re shutdown as In from then underground we the plant. the

So, an say, quarter. extraordinary it’s, on I’d the impact

Coupled we some we costs. retirements early of to in in accumulated to that any departures we with more And well George that, normalize a of other that had kind that see we were QX, numbers QX mentioned. bit may QX, cost the those that before had saw, we as in

Phil. Hey Tanya, it’s

in have -- we’re the Yes second it Skouries won’t [Technical use half, construction them from assuming Skouries separately care start Stratoni for maintenance because costs. so Difficulty] look and

future just we than think, be than summarize, -- we be But I will what in correct. to had quarters lower expect to lower That’s the QX.

reasonable? a So, for if Stratoni, we year a that is use million $XX

number. a reasonable that’s think I

Yes.

for of I had have labor still QX, but QX. we that think that Like some we had some at like most of Joe that come through Stratoni come mentioned, costs through -- has example, in some may in

QX. experienced we that in we will less than be future So, expect what quarters

just review at, at inflation. again? your And then are you’re to looking and that looking review and Skouries CapEx you’re assume to question, also which of we When I’ll get to the all then OpEx operations, going is you’re final Okay. on maybe my that

Could you that? repeat

the but OpEx also in just be feasibility also December, review that did the for under in is again? Skouries You study process? you your and review reviewing CapEx Will

overall to where scratch. the capital costs, plants believe relative initial got the costs are to projects just the starting maybe largely you the on at of on the project, other capital body reduced We is place. So, we’re that from main reiterate in

grinding, handling, concentrate measure all in crushing, that So, flotation, of actually here’s all set place.

building processing in quarter In just around area bids the for it. the in the up we out exception on budgeted, come is the The filters. we filters. spite fact, steel. in have the inflationary below those for slightly in pressures putting And bids went what we’re first And competitive of the higher

So, a the that you be there’s in I of and when the this with think we’re piece capital indicator, those good and yet to what’s essentially work. equipment And be left that’s plant. a done was at pretty But wiring at civil a plumbing and piping comfortable pretty biggest of stage, be There’s procured. to lot lot to of look done, costs.

construction We not phase, up. do lot have a dam. during consuming the civil the works and diesel of prices we’re And electricity. are to Obviously, of construction

I a impact, impact pretty So, Obviously, we capital don’t see monitor But, a we’re of December. we’ll major still to issues on in those Tanya, estimate estimate. on continue that. having or position a material good cost think our capital that

more Turkey and guess, on other? consumables it exposures and to Ukraine-Russia Okay. the inflationary -- localized is are on pressures, say it’s feeling of it would of at more to just you all it’s the operation? situation your you’re where other Greece because closer I Or companies And seeing

that being seeing in our Well, by costs, the higher situation are two I’d driven thing Europe crisis. unique electric is operations that our gas natural and say it’s in energy

And that the now. Phil so, counterbalance denoted. in Turkey, costs both having in And in don’t effect currency, countries sort But as up Greece. benefit we are we’re from have materially some of

power think in in FX are counter Turkey up seeing And to our impact. due that budgeted the Greece. kind we’re double I costs electric they’re impact of we -- what So, not

maybe ahead. And go sorry, --

a Tanya. Just comment,

So, has just on to indicated. add to what George

I inflation most say, the Turkey. would significant think, in impact I is of

we’re XXXX. come the the of It’s direct has As at And end probably quite It’s it the In between the less outlined, huge significant Turkey, the than of at to But, time, George rate because on I a XX%, are mentioned, in But really, XX% has basis impact, a direct the published all of lira. been was at that around biggest same not other not the use mines Kisladag, cost electricity impact, our the of amount. X% and seeing Kisladag. high, electricity. costs. XX% just mine, bottom-line, the it’s But really an the at diesel through is probably like most consolidated because is operating is our the total open costs. consolidated pit as underground. about Turkey,

it’s -- again, So, not a huge huge percentage.

for Maybe guidance change or XXXX, can sensitivity $XX you what’s price price? remind and or a us what that oil diesel a your the price Phil use in for barrel a $X.XX in diesel

And in diesel Quebec, the everywhere Greece $X.XX liter a terms of at else and diesel, really significant. not about current So, it’s in of is in in Turkey. terms price Efemcukuru,

So, and probably huge. our diesel our not XXXX based on ounce. guidance our again, costs, $XX is an is It’s of costs, the total X% impact about sales on for around

else Thank ask. I’ll let someone I’ll take offline. it you.

Tanya. you, Thank

The Instructions] Securities. Haywood from [Operator Kerry Smith Please question comes go ahead. with next

more can like you is at profile getting profile ounces pad well? is quarter-over-quarter this maybe the Kisladag maybe getting Is as pad actually be pretty or tons the grade And up you’re answer What grade Phil, the the you’re the this more because flat? to Joe. going to on grade year? expected or

getting in year. really I pad have in I better about profile tons the X.XX at flat, slightly But right The front it on of me. don’t mine we’re maybe think But later Kerry, relatively grade X.XX is it’s around grade. the [ph] quarter-over-quarter.

is that QX us that of picked up above saw cutoff lower of bit though end some pushed grade a So, we in in what tons we that kind we when the were down. had,

grade, in bring not later pad, that grade the the those managing for with we tons are us will which as placement. marginal look the stockpiling will help year. we cutoff, lower So, for forward we of above But, grade balance

available actually the be putting is Okay. Because to And too. curve, tonnage? onto tons the start that’ll when help North obviously you that pad, when leach receiving

think question. two there’s I to answers that Well,

that, we One we’re of extend through of bit. inner tons did plastic place that little as lift is agglomeration work leach or And South we going them pad right. what our HPGR the additional to early the to getting a be expected placement on we

have really available but to just probably pad plastic that for that to right on is that midyear that’s that north nonetheless, we attractive. before even making placement, But But we we’re how going more agglomeration the be deploy that will foundation, pad forward. leach as one know on -- We on we’ll certain since will South. North concerns leach wish And you’re clearly go I quality the really mid-QX. we’ll our would by of be is we that say clean to confident

just then, the [ph] Tanya’s to question Stratoni on $X.X QX. to standby million cost in back going And

So, $X.X if quarter QX $X it’s it forward Can What QX, on expecting is any there sort still you million? number $X in we’ll time going a or Like, costs to one basis, have guidance? million million $X to in in to give go a be then? residual some are million of maybe things. you

it’s Phil Kerry, Yes. here.

think than we I what ballpark in think, probably say where I per $X QX, that in on it’s but -- less probably I So, would quarter. had based million,

be $X things of right? would to QX, have way, then then, the all of the run million is this by you you’d out And one sort time to back that rate, $X.X million

reconstruction Skouries we and then costs Skouries assuming care related would get end. started, some the maintenance QX, to By

Yes.

I’m though. Stratoni talking, But Okay.

and it that’s the By books residual we over end be the that of to should the if is Kerry, labor labor choose still fully. But, of full construction maintain this be at construction. offsets year, at of we’re start Skouries to that move contract -- start we Joe. any on normalized

Okay.

is $X maintenance so to right? and million clear, million that Just I’m number, contributing $X.X run Skouries, any not just Stratoni? rate to with care that That’s costs

Correct.

based Olympias, has was up But, And it -- Turkey. significant on let’s -- like say up well, calculated all and ton going not a to year per what $XX. your QX, for amount your back just I mining, was went in terms dollar any U.S. seem in cost ton on seeing XX.X a well, any per comment seems inflation up They at milling they a you’re are and in ton like below they’re it cost lot then, slightly like G&A, real gone going basis? and a in as last Kisladag about Phil, unit really

So, should go we Olympias per think cost your unit about forward? at ton how on a

Kisladag? Kerry, So, just specifically Olympias, be is to or your clear, question to

Yes.

I below So, like last it That at ounces QX was in your your for $XXX the if like $XXX something. year ton. from it’s Olympias look U.S. dollars, was that, number well mining at was or total cost -- a sold, like

going So, Kisladag. wondering cost forward the about I’m both all-in at ton just per Olympias and

QX. Kisladag XXXX. they tons QX of were in XXXX, lower were lower quarters than -- mentioned, than than I sorry, But first higher QX as the three

the were few compared first and tons tons XXXX, to down those quarters So, of we increase. will expect

numbers... is this you ore plus ton are total So, you in giving ore Kerry, or thinking you Joe. Are strip the we’re just tons? thinking in

processed, tons tons -- all-in divided cost by milled, leach. I tons think

consolidated number, or but in We can the total QX. was moved on information, tons than your just QX get QX for higher back

At Kisladag?

At Kisladag.

Yes. Yes, At Kisladag. yes.

was per at cost in But average was numbers, $XX.X. year ton; $XX last in my QX your to the pad it about $XX. ton about QX, Kisladag was less a than So, in

was a to is wondering the $XX year. cost year was it bucks got but -- a I you So, forward with pretty I’m a go when about to side per quite in QX that same quarter tons as have but higher well, was then you it bit then, And the on number higher last a higher back Olympias And ton? on of as the issue last in year than incrementally more basis. obviously just it Is better get with ton around milled in tough kind cost up QX of was every was you. certainly were doing it well, QX kind than for going

So, I a was to get that’s trying on. what handle

Phil. Yes. Kerry, it’s

the below tons tons So, ton tons. were X million QX last year, for were QX X Kisladag. XXXX in just million of over In

were cost why over QX. the ton three that’s So, quarters in had previous tons. you X But million higher a per then,

lower had ton. much So, you a per cost

rate why be million quarterly above that’s I placement a probably forward XXXX, that that per basis, tons, expect think approaching going in So, see over to we on you quarter. And fluctuation. X in

again. you So, ton cost drop per the should see

Okay.

just was quarter total the grade, the and was come a ton the low. million costs obviously, down. X guidance? Olympias, in costs, pretty So, should the it and I cash cost looking on what about And then, at QX,

going at X.X of was which this this guidance X.X more to was Your is grade orebody, will it’d based I it Olympias X-gram grams. what It on grams thinking? what in But is the the seems like, be be year? And probably range tough the look average pretty year. like kind to

Kerry, we’re be but year, that for we’re possible, working maintain in as mining X.X forecast, the X.X. at we’re So, placing at QX X.X. And the close will -- grade we full X.X, to -- as to-date, or to we’re

to grade as of QX. we we’re the that So, looking have rate maintain start exact at

Kerry, it’s George.

see con. QX, credits occur a byproduct One and dependent lumpiness to But when full lead Olympias, it’s ship. because other costs. got of we our issues have we’ve the in at significant on zinc shipment And shipments in you the those

And are sometimes those impacted costs by timing. also just

storms can’t of get moves out to quarter. the the tough quarter. at a ship and We next You it get the end

when lumpiness had byproduct timing just our lot cost a due we sales. look and against lower at to QX, you in credits to QX, relative So, byproduct

story. So, The it’s it. of impacts were a the only part COVID part of

Olympias. also We on ore the which ground, QX ended not with typical stockpile is at

start So, bit us to QX. a it’s positioned kind of better

going indication we’re the up show think a give to don’t unfold. performance we’re help of quarters bottom that that number an improve of in of you factors out Olympias line why So, I as confident

last of gone what because up significantly paying TCRCs, lot a were are And for you produce from you cons. your the in they George Phil, QX concentrate, don’t year have or

have or getting expect gone significantly a you’re the to So, higher it in not bit QX, terms. them know probably the about I should in little we commentary. grade TCRCs up talked you’ve forward? But be going much

Yes.

new shipped concentrate Olympias, smelter. that so to So, was being that a from introduced there Chinese year, Kerry, Chinese for last VAT was was

VAT. a was that So, XX%

part we conflict, have planned to And imposed Russian of to with But the been opportunities smelter. managed the -- that was recently, ongoing redirecting and at -- Now, we of for production some we’ve think the XX% Chinese portion unfortunately, that smelters to that, offset XX% And we’re by a will avoid to the of VAT we’re because this small different big smelters. look point. sanctions the of that imposed to redirect plan to to continue I redirect and a it to was Russian a chunk -- of of have ship up it the that.

longer to shipping Just no we’re to clear, anything Russia. be

of is China, that elsewhere going so, now And but some that of avoiding going to VAT. its some and

So, Russia. a going negative to right now, No that’s against we shipments budgeted. what

concentrate. paying that’s And of have the in so, we and we’re that that China of part customer up. ramp that we’ll to be able found the it, testing part another VAT Hopefully,

And being to to Russia Kerry, just about $X is able -- the ship impact million. not of

QX... was That Okay. in

total No, year.

That’s total year.

Total Okay. year.

Okay, you. got

Okay. Yes.

you’re treatment significant any tax charges. this just So, then. it’s causing of seeing bit increases not problem in really you the Generally, that’s a

it. I got Okay,

Yes.

Please go [Operator from Instructions] Fahad comes next question ahead. Suisse. with Credit The Tariq

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That the question-and-answer and for today. today’s we time concludes this is And session conference all the call. have

have You may for you disconnect your participating, and pleasant lines. Thank day. a